Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

On August 20, 2020, T, U and V form a partnership investing cash of P105,000; P94,500 and P29,400, respectively. The partners share profits 3:2:2 and

image text in transcribed
On August 20, 2020, T, U and V form a partnership investing cash of P105,000; P94,500 and P29,400, respectively. The partners share profits 3:2:2 and on November 30, 2020, they have cash of P7,000; other assets of P322,500; and liabilities of P179,200. On this date, they decided to go out of business and sell all the assets for P210,000. V has personal assets of P10,500 that may, if necessary, be used to meet partnership obligations. What is the amount received by partner U at the end of liquidation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Health Care Management

Authors: Sharon B. Buchbinder, Nancy H. Shanks

3rd Edition

9781284081015

Students also viewed these Accounting questions

Question

0.4 5.0 Americans

Answered: 1 week ago